Published on 3/30/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $166,000 17.8% reverse exchangeables on Green Mountain Coffee
By Jennifer Chiou
New York, March 30 - Bank of Montreal priced $166,000 of 17.8% annualized reverse exchangeable notes due June 30, 2011 linked to the common stock of Green Mountain Coffee Roasters, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Green Mountain Coffee stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Green Mountain Coffee stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Reverse exchangeable notes
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Underlying stock: | Green Mountain Coffee Roasters, Inc. (Symbol: GMCR)
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Amount: | $166,000
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Maturity: | June 30, 2011
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Coupon: | 17.8%, payable monthly
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Price: | Par
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Payout at maturity: | If Green Mountain Coffee stock closes below trigger price during life of notes and final share price is less than initial share price, number of Green Mountain Coffee shares equal to $1,000 divided by initial share price or equivalent amount in cash; otherwise, par
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Initial share price: | $62.70
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Trigger price: | $50.16, 80% of initial share price
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366QDV6
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